Australian fuel retailer Ampol falls as Jefferies cuts price target
BUZZ-Australian fuel retailer Ampol falls as Jefferies cuts price target Updates
** Shares of Australia's Ampol ALD.AX fall as much 5.6% to A$39.6, hitting their lowest level since August 21
** Jefferies cuts its price target on ALD to A$44.00 from A$45.50 and maintains a "hold" rating following the company's Q3 trading update
** Brokerage cuts FY26 EBIT forecasts by 6.8%, citing weaker-than-expected refining earnings and delays to key refinery projects
** Says Ampol was unable to fully benefit from stronger regional refining margins due to extended maintenance and higher crude premiums
** Says the company's FCCU unit restart has been delayed to mid-November, which will cut fourth-quarter output of gasoline, diesel and jet fuel by 150 million litres from the previous forecast.
** On the other hand, Jefferies says convenience retail continues to perform strongly, supported by double-digit shop sales growth and progress on synergy delivery from recent acquisitions
** YTD, stock up 25%, including session's moves
(Reporting by Paridhi Minda & Rajasik Mukherjee in Bengaluru)
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